Staffing marketplace raises $80M, reaching 'unicorn' status
Career marketplace for healthcare workers Incredible Health has raised $80 million at an eye-popping valuation of $1.65 billion.
The Series B funding places Incredible Health in unicorn status, which is known as a startup valuation of $1 billion or more. The company is also now the highest valued tech-enabled career marketplace in healthcare, the company said in a press release. Incredible Health aims to give nurses seeking roles more power by having hospitals apply directly to nurses rather than the other way around. The platform also focuses on permanent employees rather than temporary contracts, and the company is used by more than 600 hospitals nationwide. Incredible Health has 180 remote employees in 35 states.
The sky-high valuation comes as the healthcare industry is facing a labor crunch, with healthcare organizations scrambling to fill specific roles. The issue over the past few years has led to huge wage increases for travel nurses with specific roles, for instance COVID-19 specific nurses. Many physician specialties have also enjoyed higher compensation this year compared to the prior year as the impacts of the COVID-19 pandemic have eased up on revenue impacts.
Incredible Health plans to use the fresh round of funding to expand to new markets for health systems and nursing talent, as well as:
- Optimize the hiring workflow with machine learning technology to increase personalization and automated experience
- Support nurses and healthcare workers over their career, including skill growth, scheduling services, mobility and relocation support, cross-training, and educational scholarships
- Enhance the company’s tech-enabled nursing community with personalized advice and content
- Expand and scale to 90% of the U.S. nurse workforce
"These past few years have brought many lessons learned, but one of the biggest is the importance of really listening to our nurses, and right now – nurses need more nurses," Incredible Health CEO David Lubarsky, MD, of UC Davis Health, said in a statement. "We're glad to have streamlined our internal hiring operations to move past conventional time – with Incredible Health stepping in to do the heavy lifting. The company truly understands what our workforce needs and provides the right technology and support to see their mission through."
The funding round was led by Base10 Partners as part of their Advancement Initiative, a fund that invests in pre-IPO companies and donates 50% of the fund’s carried interest to Historically Black Colleges & Universities (HBCUs) to create student scholarships and support university endowments. Incredible Health aims to create a scholarship initiative with Advancement Initiative, which is focused on the success of tech companies with wealth creation for underrepresented minorities.
Existing investors Andressen Horowitz and Obvious Ventures returned to invest in the funding round, as did new investors Workday CEO Chano Fernando, NBA player Andre Iguodala, Rethink Impact, Stardust Equity and social media stars The D’Amelio Family through their 444 Capital Fund. Additionally, Kaiser Permanente, a customer of the marketplace, also participated in the funding round.
Incredible Health reported 500% revenue growth in 2021, and more than 10,000 nurses join the marketplace every week, the company stated. Incredible Health also boasts a fast hiring period of just 14 days, compared to the industry standard of 82 days. Plus, the company claims 60% of the top-ranked hospitals in the U.S. are customers of its marketplace for their permanent staffing needs.
Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."